Royal LePage just released its National House Price Survey for the 3rd Quarter of 2023. For Greater Vancouver it reports the aggregate price of a home remained relatively flat year over year, increasing just 0.1 per cent to $1,251,900 in the third quarter of 2023. On a quarterly basis, however, the aggregate price of a home in the region decreased 1.8 per cent.
Broken out by housing type, the median price of a single-family detached home increased 2.2 percent year over year to $1,747,600 in the third quarter of 2023, while the median price of a condominium increased 2.8 per cent to $766,700 during the same period.
“Activity has slowed in Greater Vancouver, with sales and inventory softening in tandem throughout the third quarter. While demand has not disappeared entirely, it’s certainly getting harder for some buyers to enter the market as a result of reduced borrowing power, which is having a slowing effect,” said Randy Ryalls, general manager, Royal LePage Sterling Realty.
“While there was a slight rush of activity after the Labour Day weekend, sellers are not behaving as
expected. Less listings are hitting the market in every segment, and some homes that are being listed are taking longer to sell.”
In the city of Vancouver, the aggregate price of a home increased 1.4 per cent year over year to
$1,401,500 in the third quarter of 2023. During the same period, the median price of a single family detached home increased 6.0 per cent to $2,626,100, while the median price of a condominium increased 5.1 per cent to $838,000.
“Affordability remains a significant challenge for many Greater Vancouver buyers. In today’s high-cost borrowing environment, most buyers who are in the market for a single-family detached home are looking for a property with a basement suite or an additional unit that can be rented out to help offset monthly mortgage costs.”
Ryalls notes that prices have remained stable thanks to a continued shortage of supply, and it is unlikely that the region will see much price adjustment in the final quarter of the year.
Royal LePage is forecasting that the aggregate price of a home in Greater Vancouver will increase 7.0 per cent in the fourth quarter of 2023, compared to the same quarter last year.
GLANCE THROUGH THE FULL Q3 REPORT
FOR OTHER AREAS ACROSS CANADA
Q3 Sussex HPS Survey Brochure